The Faculty Senate is composed of thirty-seven elected faculty members from the seven Schools of Wake Forest University. Wake Forest College has fifteen; the School of Medicine eight; the Schools of Business six; the School of Law three; the Graduate School two; the Z Smith Reynolds Library two; and the School of Divinity one representative(s) in the Faculty Senate. The faculty of each school independently elects its respective representatives. Senators serve four-year terms, and may serve for more than one term. There are also ten ex-officio (non-voting) members of the Senate: the President, Provost and Chief Financial Officer of the University and the seven respective Deans of the Schools of the University.

The Faculty Senate advises the university administration and the Boards of Trustees on all pertinent matters related to planning and the general welfare of the University. The Faculty Senate also provides advice to relevant selection committees for the appointment of senior administrative officers; and recommends through the University President to the Boards of Trustees persons to receive honorary degrees awarded by the University.

The Faculty Senate has five standing committees: Planning; Resources; University Integration; Fringe Benefits; and Senior University Appointments. The Senate also directs the agenda of the University Committee on Academic Freedom and Responsibility. The Senate may also create additional standing or ad hoc committees. An Executive Committee consisting of the five officers of the Senate – president, past-president, vice-president, secretary, and member-at-large – and the chairpersons of the four standing committees provides overall policy direction for the Faculty Senate.